BGC Group (BGCP) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $832.6M, up 13.0% YoY; pre-tax Adjusted Earnings rose 20.9% to a record $187.5M.

• Nine-month revenue increased 20.5% to $2.634B; excluding OTC Global, revenue grew 16.2%.

Financial highlights

• Brokerage revenue rose 14.8% to $772.8M; commissions were $660.6M and principal transactions were $112.2M.

• Post-tax Adjusted Earnings increased 17.5% to $165.9M; Adjusted EBITDA rose 48.9% to $249.5M and Adjusted EPS was $0.34, up 17.2%.

• GAAP income before taxes was $98.1M vs. $33.5M; GAAP diluted EPS was $0.14 vs. $0.06.

• Total expenses rose 11.0% to $783.5M, including a $22.6M non-cash software impairment charge.

• Adjusted compensation expense rose 14.7% on higher commissionable revenue and product mix; adjusted non-compensation expense grew 4.3%.

Outlook and guidance

• Q4 revenue guidance is $805M–$865M, implying 6%–14% YoY growth; pre-tax Adjusted Earnings guidance is $178M–$196M, up 10%–21%.

• FY 2026 guidance calls for revenue of $3.439B–$3.499B, up 17%–19%, and pre-tax Adjusted Earnings of $791M–$809M, up 22%–24%.

• A cost-reduction program has identified $35M in annualized savings, with initiatives expected to continue through the rest of 2026, subject to execution risks.

• Management expects continued benefits from electronic trading, market-data demand, connectivity and post-trade services, with further investment planned in Fenics Growth Platforms.